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We maintain our target price for Solidere at USD 13.31 following the release of their H1 results as our previous estimates met the company’s performance for the period. However, we believe this price will be hard to achieve if the current political deadlock persists and security environment deteriorates. 2014’s developments have negatively affected investment sentiment in Lebanon and Solidere has not recorded any land sales yet this year. Nevertheless, the company’s portfolio of lands remains considerable and sustains its long-term value which leads us to believe that investors’ confidence will recover once a political breakthrough is achieved. According to their unaudited H1 results, Solidere recorded a loss of $1.7 million during the first 6 months of 2014, while the company’s revenues from minor sales, rental portfolio and rendered services reached $37million. Solidere’s liquidity continues to be pressured by a large account of receivables and sizeable bank loans. On the group level, consolidated profits reached $628k boosted by the earnings of Solidere International LTD during the period.